Advanced Accounting (IFRS) Test

The Advanced Accounting (IFRS) test is an assessment used during the hiring process to evaluate candidates' knowledge and proficiency in advanced accounting principles based on the International Financial Reporting Standards (IFRS).

Available in

  • English

4 Skills measured

  • Familiarity with accounting terminologies and concepts
  • Accurate posting of figures to the appropriate accounts (Debit/Credit)
  • Proficiency in calculating accounting figures
  • Effective management of accounting figures and financial records

Test Type

Role Specific Skills

Duration

15Mins

Level

Intermediate

Questions

12

Use of Advanced Accounting (IFRS) Test

The Advanced Accounting (IFRS) test is an assessment used during the hiring process to evaluate candidates' knowledge and proficiency in advanced accounting principles based on the International Financial Reporting Standards (IFRS).

It is designed for roles that require expertise in accounting and financial reporting, such as senior accountants, financial analysts, auditors, and finance managers. This test aims to assess the candidate's understanding of advanced accounting concepts and their ability to apply these principles in real-world scenarios. It covers a wide range of topics related to IFRS, including financial reporting, financial instruments, revenue recognition, consolidation and business combinations, financial statement analysis, accounting for leases, and accounting for income taxes.

Employers use this assessment to identify candidates who have a strong grasp of advanced accounting principles and can effectively navigate complex accounting scenarios. By evaluating their knowledge and application of IFRS, the test helps organizations ensure that the selected candidates can accurately prepare financial statements, analyze financial data, and make informed financial decisions.

Candidates who perform well in the Advanced Accounting (IFRS) test demonstrate their ability to handle the challenges and complexities of accounting under international standards. They exhibit a deep understanding of financial reporting requirements, demonstrate critical thinking skills, and possess the necessary analytical abilities to interpret and analyze financial statements.

Having employees with advanced accounting skills is crucial for organizations to maintain financial integrity, comply with regulatory requirements, and make informed business decisions. The test helps identify candidates who can contribute to these goals by ensuring accurate financial reporting, effective analysis of financial data, and compliance with IFRS guidelines.

Overall, the Advanced Accounting (IFRS) test plays a vital role in the hiring process by evaluating candidates' knowledge and proficiency in advanced accounting principles based on IFRS. It assists employers in selecting qualified individuals who can handle complex accounting tasks, make sound financial decisions, and contribute to the organization's overall financial success.

Skills measured

This sub-skill assesses the candidate's understanding of key accounting terminologies and concepts specific to IFRS. It includes knowledge of terms like accruals, provisions, impairment, fair value, and other important accounting concepts used in financial reporting. Familiarity with these terminologies is crucial as it ensures candidates can accurately interpret financial statements and apply IFRS principles in practice.

This sub-skill evaluates the candidate's ability to accurately post accounting figures to the appropriate accounts based on the debit and credit system. It tests their understanding of double-entry bookkeeping and their proficiency in recording transactions accurately. Accurate posting is vital to maintain the integrity of financial records and ensure compliance with IFRS guidelines.

This sub-skill measures the candidate's competency in performing complex calculations related to accounting figures. It includes calculations for items such as depreciation, inventory valuation, financial ratios, impairment tests, and other computations required by IFRS. Proficiency in calculating accounting figures is essential to produce accurate financial statements and make informed financial decisions based on the results.

This sub-skill assesses the candidate's ability to effectively manage accounting figures and financial records. It encompasses skills in organizing, reconciling, and maintaining accurate financial data. Effective management ensures the reliability and accessibility of financial records, facilitating efficient analysis, reporting, and auditing processes.

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Subject Matter Expert Test

The Advanced Accounting (IFRS) Subject Matter Expert

Testlify’s skill tests are designed by experienced SMEs (subject matter experts). We evaluate these experts based on specific metrics such as expertise, capability, and their market reputation. Prior to being published, each skill test is peer-reviewed by other experts and then calibrated based on insights derived from a significant number of test-takers who are well-versed in that skill area. Our inherent feedback systems and built-in algorithms enable our SMEs to refine our tests continually.

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Top five hard skills interview questions for Advanced Accounting (IFRS)

Here are the top five hard-skill interview questions tailored specifically for Advanced Accounting (IFRS). These questions are designed to assess candidates’ expertise and suitability for the role, along with skill assessments.

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Why this matters?

This question assesses the candidate's understanding of fair value measurement, a critical aspect of accounting under IFRS. It demonstrates their knowledge of the principles and techniques used to determine the fair value of assets, liabilities, and financial instruments.

What to listen for?

Listen for a clear explanation of fair value measurement, including the methods and assumptions involved. The candidate should demonstrate knowledge of the hierarchy of fair value measurements, any relevant disclosure requirements, and the impact of fair value on financial reporting.

Why this matters?

This question evaluates the candidate's knowledge of the accounting treatment for business combinations, a complex area in IFRS. It assesses their understanding of the steps involved in recognizing and measuring assets, liabilities, goodwill, and non-controlling interests in a business combination.

What to listen for?

Look for a structured approach to accounting for business combinations, including the identification and valuation of assets and liabilities, determination of goodwill, allocation of purchase price, and treatment of non-controlling interests. The candidate should also be aware of any specific requirements related to business combinations in the relevant IFRS standard (IFRS 3).

Why this matters?

This question tests the candidate's knowledge of the principles outlined in IFRS 15, the standard governing revenue recognition. It assesses their understanding of the five-step model for revenue recognition and the application of the standard to different types of transactions.

What to listen for?

Listen for a systematic explanation of the five steps of revenue recognition under IFRS 15, including identifying the contract, determining the transaction price, allocating the price to performance obligations, recognizing revenue when obligations are satisfied, and disclosing relevant information. The candidate should also be familiar with specific guidance for complex revenue arrangements.

Why this matters?

This question evaluates the candidate's knowledge of the impairment testing process for assets as per IFRS. It assesses their understanding of the indicators of impairment, the measurement of impairment losses, and the required disclosures.

What to listen for?

Look for a comprehensive understanding of the impairment testing process, including the recognition of impairment indicators, determination of recoverable amount, calculation of impairment losses, and subsequent reversals of impairments if applicable. The candidate should also demonstrate familiarity with the disclosure requirements related to impairment under the relevant IFRS standard (IAS 36).

Why this matters?

This question tests the candidate's knowledge of the accounting treatment for financial instruments under IFRS 9, the standard governing their recognition, measurement, and classification. It assesses their understanding of the classification of financial assets and liabilities, as well as the subsequent measurement and impairment requirements.

What to listen for?

Listen for a solid grasp of the classification criteria for financial assets and liabilities, the different measurement categories (amortized cost, fair value through profit or loss, fair value through other comprehensive income), and the application of impairment models. The candidate should be able to explain how to account for various types of financial instruments and discuss the potential impact on financial statements.

Frequently asked questions (FAQs) for Advanced Accounting (IFRS) Test

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An Advanced Accounting (IFRS) assessment is an evaluation designed to assess a candidate's knowledge and proficiency in applying the International Financial Reporting Standards (IFRS) to complex accounting scenarios. It tests their understanding of advanced accounting concepts and their ability to analyze and interpret financial statements according to IFRS guidelines.

The Advanced Accounting (IFRS) assessment can be used to evaluate the accounting skills and expertise of candidates during the hiring process. Employers can administer the assessment to candidates applying for roles that require in-depth knowledge of IFRS, such as senior accountants, financial analysts, or accounting managers. It helps determine the candidate's ability to handle complex accounting tasks and make informed decisions based on IFRS principles.

Senior Accountant Financial Analyst Financial Reporting Manager Audit Manager Finance Manager Financial controller Financial Accountant Controller Compliance Officer

Familiarity with accounting terminologies and concepts Accurate posting of figures to the appropriate accounts (Debit/Credit) Proficiency in calculating accounting figures Effective management of accounting figures and financial records

An Advanced Accounting (IFRS) assessment is important because it allows employers to gauge the proficiency of candidates in applying IFRS principles accurately. With the increasing globalization of business and the adoption of IFRS by many countries, organizations need professionals who can navigate the complexities of IFRS effectively. The assessment ensures that candidates possess the necessary skills to handle advanced accounting scenarios, make informed financial decisions, and comply with international accounting standards. It helps organizations maintain accurate financial reporting and make sound business judgments based on IFRS guidelines.

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